Saudi Arabia’s NCB joins RippleNet - Ripple (XRP) News.
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Saudi Arabia’s NCB joins RippleNet
5.5 million Customers will be able to use the blockchain platform for faster remittances.
The National Commercial Bank (NCB) of Saudi Arabia announced it will adopt Ripple’s blockchain platform to improve remittances into and out of the country.
According to a press release on Ripple’s official website, the banking institution – one of the largest and oldest in the Middle East – is joining the crypto startup’s network, RippleNet, to connect with other financial institutions worldwide and benefit from the features of the aforementioned, that is, faster and more transparent international payment services.
Per the post, the bank will start interacting with other financial entities located in North America and Asia, and will enable its 5.5 million customers to engage in cross-border payment operations via these “two critical payments corridors,” setting a precedent in the process, for such services in these regions were not available in any way for them before the announcement.
xCurrent taking over KSA banks
The news comes after a successful pilot program involving Ripple’s entreprise software solution, xCurrent, in collaboration with the Saudi Arabian Monetary Authority – the central bank for the Kingdom of Saudi Arabia – that started on February. At the time, Dilip Rao, head of infrastructure innovation at Ripple, commented:
“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”
He then added “SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”
Being the first of its kind to be launched by a central bank, the results of this project prompted a full production, announced to begin by the end of Q4 2018.